The thermoelectric generators market is projected to grow from an
estimated USD 368.5 million in 2017 to USD 715.8 million by 2022, at a
CAGR of 14.20% during the forecast period, 2017 to 2022. Increasing
demand for waste heat recovery from various industries and increasing
concerns for improving the efficiency of automobiles is driving the
market. Thermoelectic generators help in increasing efficiency by
utilizing waste heat. High production cost of TEGs and inability to
produce high electricity output are restraining its market.

The growth of the thermoelectric generators market across the globe can
be attributed to the increasing demand to recover the waste heat
generated by various industries. Due to the increasing environmental
concerns, the demand to improve the efficiency of engines is increasing.
Thermoelectric generators play an important role in increasing
efficiency by utilizing waste heat.

Among End User, the automotive segment is expected to lead the
thermoelectric generators market during the forecast period from 2017 to
2022. The growth of the automotive segment in the thermoelectric
generators market can be attributed to the increasing adoption of
thermoelectric generators to power the vehicle's electrical system.